Dec 31, 2012 4:00pm PST
americans more money in tax asks caused deep cuts to many programmer autos there is no deal. right now, congressional leaders said to be close toon agreement f it happens it won't be until tomorrow at earliest. >> abc 7 news has been monitoring the back and north and joins usry. mark, safe to say we may go over the cliff but not to a crash landing. >> you're right that. is a good way to put it. just hours until the fiscal cliff deadline, house republicans have pulled a plug. this, after both senate and white house made it clear a deal was very close. >> president obama told supporters this afternoon that there has been progress in avoiding a hike in middle class tax autos preventing that tax hike has been my top priority. >> the president said the deal being worked outwqjx between the senate republican leader mcconnell and vice president will extend current tax rates for households making up to $450,000 per year, increasing estate tax rate from 35% to 40%, and extend unemployment benefits one year. sticking spoint how long to push off massive mandatory spending cuts to the pentagon and
Dec 26, 2012 4:00pm PST
republicans. if there is no break through, every american will be hit with higher taxes. a schoolteacher with two kids and a salary of $43,000 will face a tax hike of $3,000. the super rich like lebron james would see his tax goes up more thanhóÁ$2.4 million this year. >> i want us to not go over the cliff. i think it hurts the country. >> middle class people shouldn't have tax goes up?(héq $2,000 a year, we should start making some meaningful reform on debt. >> going over the fiscal cliff mean morz than higher taxes. federal workers at risk of being furloughed and unemployment benefits for two million people could expire saying the nation will fall back into a recession. there are reports hairy reed is now working on a smaller deal than the one the president negotiate yatesed with house speaker john boehner. >> the package reportedly preventing tax increases on middle class families and cut some spending programs but it's not clear such a plan could pass. >> star bucks is using its coffee cups to jump into washington politics. the world's biggest coffee chain asking employees and caf
Dec 27, 2012 4:00pm PST
on gridlock. >> sticking point continues to be tax cuts z in starting to look like no deal before the january 1 deadline. this may already be too late. five days until the fiscal cliff. hairy reid admitted a deal seems unlikely. >> i have to be honest. i don't know time wise how it can happen now. >> reid called john boehner a dictateor and paintin painting -- pointing blame on him. >> we're here in washington working. wile members of the house of representatives are out watching movies and watching the kids play soccer and baseball. john boehner seems to care more about keeping his speakership. >> the republican leader says the democrats have failed. the only reason democrats have been trying to deflect attention on to me and my colleagues over the past few weeks is that they zront a plan of their own. >> the president return forward a last minute push before leaving on vacation in hawaii. he had separate phone conversations but it isn't clear talks helped. >> hopefully there is time for an agreement of some kind. >> washington's failure threatens to undermine the fragile economic recovery.
Dec 28, 2012 4:00pm PST
introduce if no deal is reach. >> put a deal on the floor making sure taxes on middle class families don't go up, unemployment insurance is available for two million people and lays ground work for additional deficit reduction and economic growth steps we can take in the new year, let's not miss this deadline that. is the bare minimum we should be able to get done. >> we've been looking at the cost of going over the fiscal cliff. we showed you aá](ny calculatoro help you estimate how much your taxes will go up. we'll take a look at how spending cuts will impact californians, in the bay area. >> mark, thank you. >> our other top story is the weather. another storm system hitting parts of the bay area, reservoirs are now at capacity because of the rain. >> here is a live look from our camera. looking north at the bay, and you can see there is cloud cover there. sandhya patel is tracking the storm's path on doppler 7 hd. >> i want to show you where sit raining now. not everyone is seeing moisture reaching the ground. as we take a look, you'll see where the moisture is actually